News

The Bank of England has raised the interest rate from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt increase the interest costs of residential mortgages that have variable or tracker rates. It will be interesting to see if the rise in the rate is passed on to savers. In re ...

Tax

The Government is reminding ‘stressed out parents’ that help may be available for childcare costs during the summer holidays. According to a YouGov poll, 31% of parents feel stressed trying to arrange childcare for the school holidays. The poll, for HMRC, also found that around 30% of parents worried about balancing their job and school holiday childcare. With 54% admitting th ...

Tax

Ward Williams Financial Services Ltd (WWFS) are delighted to announce that we have decided to partner with Surrey Wildlife Trust for another year. As we have got to know the Surrey Wildlife Trust throughout our first partnership year we have been impressed with the breadth of work in which the Trust is involved and its dedication to preserving and improving our and our wildlif ...

HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on to request that they provide their person ...

Inheritance Tax (IHT) in the UK is widely misunderstood and the subject of a number of myths. Here are five of them….. Myth 1: My partner will inherit everything free of IHT Many people assume that if they are married or in a civil partnership, IHT will not be an issue for them. But they may be wrong, as the family of comedian Rik Mayall discovered a few years ago. Although t ...

Today (25 May) marks the biggest change to UK data protection law in a generation.    The General Data Protection Regulation (GDPR) is an evolution of the current Data Protection Act (1998) and comes into effect today. Regulated by the Information Commissioner’s Office (ICO), the new law gives people more control about how their data is used, shared and stored and requires or ...

Many employers help employees with childcare costs, often by providing childcare vouchers by way of salary sacrifice. Following the roll out of Tax-Free Childcare (TFC), the new government scheme to help working parents, existing Employer-Supported Childcare (ESC) schemes were expected to close to new joiners from April 2018. However following the Chancellor’s Spring Statement ...

The personal allowance for 2018/19 is £11,850. However, some individuals do not benefit from the full personal allowance. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000, which is £1 for every £2 of income above £100,000. So for 2018/19 there is no personal allowance where adjusted net income exceeds £123,700. The basic rate o ...

Tax

On Monday 26th March 2018 we held an Easter Bake in aid of our sponsored charities, Surrey Wildlife Trust and Lymphoma Association, at our offices in Weybridge and Sunninghill. The theme this time was “The Big Easter Bake”.  Savoury and sweet entries were encouraged and there were an impressive array of entries, many with Easter themes – a lot of little chicks, eggs and a coup ...

The Pensions Regulator has announced that the number of employers meeting their workplace pension duties has reached one million and that statistics show that approximately 9.3 million people are saving into a pension. TPR’s Director of Automatic Enrolment, Darren Ryder, said: ‘I am delighted we have reached this important landmark, which shows how far we have come since the ...